The following quote was from the notes of a recent annual report of Qwest Communications International Inc.:
“ . . . in conjunction with our effort to sell certain assets, we determined that the carrying amounts were in excess of our expected sales price, which indicated that our investments in these assets may have been impaired at that date. In accordance with SFAS No. 144, the estimated fair value of the impaired assets becomes the new basis for accounting purposes. As such, approximately $122 million in accumulated depreciation was eliminated against the cost of these impaired assets in connection with the accounting for these impairments.”
What impact would this asset impairment have on Qwest’s statement of cash flows under the indirect method?
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